USDCAD close to a Major Top !
Key support at 1.3068/52 is holding. A break trough would set a large top USDCAD
USDCAD saw a quieter session yesterday, negating some of the gains from Monday to add weight to the view strength is corrective only ahead of a move back to retest important support from the 38.2% retracement of the 2017/2018 rally and 2019 low at 1.3068/52. Although further consolidation above here should be allowed for, our bias remains to look for an eventual move below here to mark the completion of a large top to signal the start of a more prominent bear trend, with support then seen next at 1.3014, ahead of 1.2971/70 –the late October 2018 low and 78.6% retracement of the Q4 2018 rally.
Resistance is initially seen at 1.3146/51then the 23.6% retracement of the fall from May and 13-day average at1.3177/79, where we would expect to see fresh selling. Above though can see a deeper recovery to 1.3208/14, then 1.3231, which we look to try and cap.
USDCAD saw a quieter session yesterday, negating some of the gains from Monday to add weight to the view strength is corrective only ahead of a move back to retest important support from the 38.2% retracement of the 2017/2018 rally and 2019 low at 1.3068/52. Although further consolidation above here should be allowed for, our bias remains to look for an eventual move below here to mark the completion of a large top to signal the start of a more prominent bear trend, with support then seen next at 1.3014, ahead of 1.2971/70 –the late October 2018 low and 78.6% retracement of the Q4 2018 rally.
Resistance is initially seen at 1.3146/51then the 23.6% retracement of the fall from May and 13-day average at1.3177/79, where we would expect to see fresh selling. Above though can see a deeper recovery to 1.3208/14, then 1.3231, which we look to try and cap.
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